American Eco Acquires West Coast Base.HOUSTON, Texas--(BUSINESS WIRE)--Feb. 7, 1996--AMERICAN ECO E·co , Umberto Born 1932. Italian writer best known for his novels, including The Name of the Rose (1981). He has also written extensively on semiotics and British and American popular culture. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ECX ECX European Climate Exchange ECX E-Commerce Exchange ECX eCatalog XML ECX Extended Count Register ECX Electronically Controlled Telephone Exchange ECX Extrusion-Cast Explosive (fine-grain) ECX Experimental Concentration - Percent NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ECGOF) AMERICAN ECO CORPORATION has signed an Agreement with Los Angeles, California, based EIF EIF Eukaryotic Initiation Factor EIF Eukaryotic Translation Initiation Factor EIF European Investment Fund EIF Edinburgh International Festival EIF Entry Into Force EIF Entertainment Industry Foundation EIF European Interoperability Framework Holdings, Inc. (NASDAQ- EIFH), whereby American Eco will purchase US$1.0 million in EIFH shares at $0.10 per share as part of a restructuring plan for EIFH. American Eco's investment is subject to EIFH shareholder approval anticipated to be completed by mid June 1996. EIFH reported revenues of $31.7 million for the year ended September 30, 1995. EIFH has branches in California, Hawaii, Nevada and Missouri, through three operating subsidiaries P.W. Stephens Contractors, Inc., VonGuard Holdings, Inc., and Kelar Control, Inc. In the interim period, the Agreement provides for American Eco to manage EIFH operations. Management changes include the appointment of Michael E. McGinnis, who remains the President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Eco Corporation, as well as President, CEO and Director of EIFH; and the appointment of Ronald K. Mann, a Director of American Eco Corporation, as Chairman of EIFH. Richard Austin moves from Chairman of EIFH to continue as President and CEO of PW Stephens, the largest subsidiary of EIFH. Mr. Joseph Miller is appointed as Executive Vice-President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of EIFH. Michael E. McGinnis, President and CEO of American Eco and EIFH, stated that "EIFH's current operation extends Eco Environmental Division's service of existing customers into Hawaii, California, Nevada and the mid-west for environmental and industrial services. The Kelar Division of EIFH provides cross selling opportunities for Eco's Turner Group in petrochemical plant maintenance. The joint operations of American Eco and EIFH will provide enhanced earnings through the application of American Eco's philosophy of control of fixed staff to 10 percent of total payroll, and the reduction of worker compensation costs through training and strict job safety procedures." AMERICAN ECO CORPORATION announced on January 31st, the acquisition of Petrocon Construction Resources of Beaumont, Texas; and on February 2nd the signing of a Letter of Intent to acquire Environmental Evolutions, Inc., of Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. . These acquisitions are part of a coordinated strategy to expand geographically as a leading provider of single source construction, project management, maintenance, demolition, dismantlement and environmental remediation services in the refining, petrochemical, government, commercial, manufacturing, and utility industries. CONTACT: Summit Financial Marketing Stuart Taft, (813) 669-0688 Clearwater, Florida |
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